Tinubu Calls for Enhanced Partnership with World Bank, Commits to Economic Reforms

President Bola Tinubu has called on the World Bank to strengthen and expedite its collaboration with Nigeria, reaffirming that his administration is dedicated to sustaining its economic reforms without looking back, despite initial hardships.

The President made this appeal during a meeting at the State House in Abuja on Tuesday with a delegation from the World Bank, led by its Managing Director of Operations, Anna Bjerde. He emphasized that Nigeria has successfully navigated past the most challenging phase of reform implementation and is committed to maintaining its course for long-term stability and prosperity.

“I assure you that since we’ve embarked on this reform journey, we are committed and will not retreat. Although the initial stages were difficult and painful, those who achieve success are typically those who do not give up during tough times,” the President stated.

He highlighted Nigeria’s strategic position as the core of the African continent, noting that the country's substantial population and natural resources make reform essential.

President Tinubu pointed out that enhancing the economy necessitates a dedicated approach towards Nigeria’s young population, ample arable land, and the modernization of agriculture through advanced techniques and improved resources.

He described the government's initiatives to create mechanization centers across various regions to assist farmers, increase access to quality seeds, and utilize rising petrochemical outputs to enhance local fertilizer availability.

The measures aim to boost agricultural productivity and transition farmers from subsistence farming to larger cooperatives that can generate employment and wealth.

“How do we assist farmers in upgrading the local fertilizer market to enhance their productivity and support them in evolving from small-scale operations to large cooperatives that can provide wider opportunities for Nigerians?” President Tinubu queried, urging the World Bank to pinpoint areas where it could assist in seed development, mechanization, and the agricultural value chain.

Reinforcing his administration's dedication to reform, Tinubu reiterated that principles such as transparency, accountability, and market-driven strategies will remain fundamental to governance.

He recognized that the difficult choices made, including the removal of fuel subsidies and the unification of exchange rates, were necessary sacrifices for future benefits.

“It’s challenging for a leader to ignore corruption in an environment where subsidy regimes or various exchange rates can yield immediate returns. We opted to relinquish those for the sake of a stable currency for both the nation and the international community,” he explained.

According to the President, while inflation initially surged post-reform, it has since significantly lessened, and the naira has achieved a level of stability.

He underscored that improved macroeconomic conditions are already fostering investor confidence and facilitating business operations both domestically and internationally.

Tinubu urged the World Bank to investigate innovative financing approaches, streamline bureaucratic processes, mitigate risks to private investments, and contribute to skill development.

“Understanding how to expedite growth in our partnership is very crucial to me,” he stated, highlighting that Nigeria is open to increased collaboration at any time.

Earlier, World Bank Chief Anna Bjerde remarked that Nigeria is increasingly recognized globally as a model of credible and steady reform leadership.

She praised Nigeria’s reform accomplishments over the past two years, particularly the government's unwavering determination to persist despite facing challenges.

This consistency, paired with observable positive outcomes, she noted, has fostered significant confidence among investors, policymakers, and the private sector.

Bjerde pointed out the upcoming Country Partnership Framework as closely aligned with Nigeria’s own development objectives, especially the ambition of achieving a $1 trillion GDP and 7% growth.

She emphasized the necessity of enhancing financial access for businesses of all sizes, particularly mid-sized enterprises, which are crucial for job creation.

Furthermore, she acknowledged Nigeria’s emphasis on strengthening early childhood development as vital for long-term productivity and assured the Bank’s support in this area.

“Numerous countries globally, even those with middle and upper-middle incomes, are grappling with escalating levels of stunting. We have recognized early childhood development as a critical point of intervention. Hence, we look forward to renewing the country partnership framework,” she remarked.

She reaffirmed the World Bank Group’s commitment to a program that aligns with Nigeria’s priorities, combining support from both public and private sectors.

Bjerde highlighted that the World Bank Group, through its entities, including the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD), and the International Finance Corporation (IFC), is prepared to continue backing Nigeria’s reform agenda.

Finance Minister Wale Edun also noted that the meeting occasioned the finalization of the Country Partnership Framework for 2026–2032 between Nigeria and the World Bank.

He characterized the engagement as a testament to a shared dedication to enhancing a partnership that has evolved into a collaborative blueprint for structural transformation and sustainable development.

Edun conveyed that Nigeria’s comprehensive reforms under the Renewed Hope Agenda have positioned the economy for enduring resilience, with notable progress recognized by rating agencies and international investors.

He stated that the new framework will prioritize significant infrastructure projects, transportation, energy, agriculture, human capital development, and digital advancements.

Nigeria is moving away from heavy dependence on sovereign borrowing towards attracting substantial private sector investments, with the government’s role being to facilitate and reduce project risks.

He mentioned that the World Bank continues to be a reliable ally expected to expand guarantees, blended finance, and risk-sharing mechanisms to unlock substantial global investment.

Edun underscored that the high-profile World Bank delegation’s presence signals a robust endorsement of Tinubu’s leadership and reform trajectory, emphasizing the importance of maintaining this momentum for credible, long- term growth.